TransferWise is launching for businesses in the US

London-fintech TransferWise is launching its business money
transfer service in the US.

The tailored services will let small and medium-sized businesses
in the US send money overseas for things like imports, exports,
and freelance services done abroad, such as graphic design.

TransferWise, founded in 2011, lets people easily and cheaply
send money abroad online. The company is reportedly one of
London's few "unicorns" — a private tech business values at over
$1 billion. The company
launched in the US in early 2015.

US businesses can use its new service to send money to over 50
countries, covering 37 currencies, and use tools such as "mass
pay," which lets them quickly make multiple payments. Companies
can also download records to make accounting easier. Companies
pay 1% on payments up to $5,000 and 0.7% on anything above that.

TransferWise CEO and cofounder Taavet Hinrikus says in an emailed
statement: "We’ve listened to what businesses want and are
excited to be releasing this tailored, easy-to-use product with
features that make life easier like fast registration, simple
reporting and the ability to make payments at scale. Most of all,
we’re excited to be able to offer US businesses a fairer and
cheaper alternative for international money transfer."

TransferWise initially launched as a product for individuals but
has steadily been making in-roads into the business market in its
home market. The company says customers, both consumers and
businesses, are now transferring over $1 billion a month on its
network.